COMPETITION DRIVES NORWAY’S EV OFF THE ROAD

Electric carmaker Think files for bankruptcy
John Reed, June 22, 2011 (UK Financial Times)

"Think Global, the Norwegian electric car producer that styled itself as a pioneer of battery-powered driving, filed for bankruptcy… after failing to find long-term financing for its business.

"Ener1, the US lithium-ion battery producer which led a capital increase of Think last year, said that it planned to take a charge on its earnings worth about $35m relating to loans receivable from the company…[Ener1 wrote off its $73m stake in the company in May]…"

R.I.P. (click to enlarge)

"Think, a niche producer of plastic-bodied all-electric city cars formerly owned by Ford Motor, had been in receivership twice before over the past decade…Its failure will support the views of sceptical industry analysts who think that electric cars still face steep hurdles to mass adoption, despite the longer driving ranges promised by lithium-ion batteries, and the flow of investment…"

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"Think was originally launched by a manufacturer of plastic-hulled dinghies near Oslo, whose founder thought of using the same lightweight material to make electric cars. Ford bought the company in 1999 in response to California’s mandate requiring carmakers to develop zero-emission vehicles. It put about $150m into the business, developing a four-seat car able to drive 100 miles on a single electric charge…Ford sold the business in 2003, and now develops battery-powered cars under its own roof.

"Nearly all significant carmakers have launched or begun developing electric or hybrid petrol-electric cars, despite widespread doubts about how many people will buy them…[D]ebate persists in the industry about whether pure battery-electric vehicles will ever be more than specialist vehicles used in selected urban markets or delivery fleets…"